Category Archives: Net Worth

Year End Check Up: Net Worth Update

With the end of the year approaching I think it is time to take a snap shot of my net worth and find out how I’m doing. In general practice, even if you do nothing else for the entire year of tracking your net worth it is useful to get an end/start of year snap shot of your financial health so you can track your progress at least yearly.

Assests
House $198,000 (I recently did a survey of house listings in the area, apparently my last estimate of $195, 000 is a bit low since a house with 500 sq ft less that mine is selling for $198,000.)
RRSP $11,600
Wife’s RRSP $4800
Old Work Pension $10,500 (I’m almost embrassed to say I forgot about this in my first net worth calculation)
Wife’s Investment Account $4200
ING Savings Account $1000

Debt
Mortgage $149,900
Line of Credit $0 (As I mentioned before, I keep this as part of my emergancy fund.)

Therefore my net worth now stands at: $80,200.

Even with my ‘lost’ pension money that is still a nice little increase from my first net worth check back in Nov. See you in the New Year.

Up To The Start Line

Well in any race you need to define where you are and where you are going. In this case I need to understand where I am right now. So I’ll use my net worth to provide a benchmark (which is basically: what you have minus what you owe).

What I have (Assets)

House (Market Value) $195,000
My RRSP $11,000
Wife RRSP $4,000
Wife Investment Account $4,000
ING Savings Account $2,000
Asset Total: $216,000

What I owe (Liabilities)

Mortgage $150,000
Line of Credit $0
Student Loans $0 (Just paid off!)
Liabilities Total: $150,000

Net Worth = $216,000 – $150,000 = $66,000

All in all I’m fairly happy with that number. After all I’m under 30 and I have a positive net worth. By the way, I had $60,000 in student loans between my wife and me about six years ago.